Exam 1: Introduction and Overview of Audit and Assurance

The only professional who can audit a set of historical financial statements for a public or private company in the United States is ________.

Examination of internal controls is a service that comes under _______ services, which fall under _______ services.

When CPAs are hired to report on the integrity of financial forecasts and reports on financial reporting processes, it is called an ______________.

Identify a service that falls under audit services.

Which act created the Public Company Accounting Oversight Board, which oversees the audits of public companies?

In assurance services, the term "information" refers to subject matter that is _____________.

Materiality is a relative concept, and it differs from company to company and from year to year for a given company.

ICFR stands for:

Review of financial forecasts falls under attestation services.

Private companies, or non-issuers, in the U.S.are ________.

In financial accounting, the balance sheet is a statement of financial position

Which of the following falls within the purview of financial accounting?

Among the reasons why users demand an audit of financial statements, what is the problem of competing incentives?

In an audit report on the effectiveness of ICFR for a public company, what does the scope paragraph explain?

Education of financial statement users as to the responsibilities of preparers and auditors of financial statements will _________.

In an audit report on the effectiveness of ICFR for a public company, what does the definition and inherent limitations paragraph provide?

_______ are users of financial statements who are particularly interested in the capacity of the company to pay a dividend

The nature of audit procedures can refer to the concept of ________.

A review of historical financial statements is an example of ________.

In the United States, what entities are required by the federal government to have an annual financial statement audit?